Minister for Finance & Industry calls for Regional Transparency at Hawkamah Conference
Minister for Finance & Industry calls for Regional Transparency at Hawkamah Conference
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H.E. Dr. Mohamed Khalfan bin Kharbash, Minister of State for Finance and Industry for the UAE, today gave the keynote address on the need for regional institutions to adapt and answer the call for transparency and openness in an increasingly globalised world. The Minister was speaking at the second annual conference hosted by Hawkamah Institute for Corporate Governance, entitled "Financial Markets and Corporate Governance", and held on the fifth day of DIFCweek. The one-day event, gathering corporate governance practitioners, drivers and regulators from the region and beyond, was designed to promote knowledge transfer and the development of sound and efficient financial markets and banking systems, and help shape the changing corporate governance landscape in the MENA region. Last year's conference brought together over 300 market players from all over the region and issued the Dubai Declaration which charted the corporate governance agenda for the Middle East and North Africa. During his speech, Dr. Mohamed Khalfan bin Kharbash addressed emerging trends and opportunities in the field of corporate governance across the region. He recognized the vast strides taken in the UAE in developing corporate governance, the importance of equity transparency and accountability as well as the implementation of prudent guidelines and principles. The Minister also outlined key next steps to promote transparency and encourage foreign investors, which will support the sustainable development of the region, such as the ongoing co-operation between the public and private sectors. He also highlighted the need to lay down proper mechanisms and plans, which will allow countries in the Middle East to follow more advanced nations and keep abreast of future corporate governance developments. In conclusion, the Minister expressed his gratitude to the organisers of DIFCweek and his desire to reach recommendations at the corporate governance conference that would be in line with the region and would push ahead Hawkamah's significant role. Dr Nasser Saidi, Executive Director of Hawkamah, gave the opening and closing remarks, focusing on key issues of corporate governance in the MENA financial markets: "The strength of our financial markets will depend, among other things, on the level of trust that investors place in our market institutions and financial infrastructure. Good corporate governance practices, and resulting institutions that would embed the values of transparency, accountability, fairness, and responsibility, will contribute to the building of our markets, lessen the volatility of our financial markets, and contribute to the financing of the region's economic development and growth." Moderated by Eithne Treanor, special correspondent for CNBC, the day's agenda included speeches from Simon Wong, private sector advisor to the Global Corporate Governance Forum, on building a legislative framework for increased market confidence and Joseph A. Field, senior international partner at Withers, on institutionalising the family and keeping the wealth. Throughout the day, there were a number of panel discussions covering topics including: the Dubai Declaration - 12 months on; transparency in the IPO era; building a corporate governance framework for future regional development; risk management and succession planning; and managing and diversifying the family portfolio. The panel sessions featured, amongst others: Rainer Geiger, Deputy Secretary-General of OECD; Sebastian Molineus, Corporate Governance Programme Manager for IFC's Private Enterprise Partnership for the MENA region; Mahesh Uttamchandani, Senior Counsel for Insolvency & Creditor Rights at the World Bank; and Andre Baladi, Co-founder of the International Corporate Governance Network. Following on from today's conference, a closed OECD/MENA Working Group 5 Meeting comprising regional and international partners, will take place tomorrow morning to create a results-driven, time-bound policy advocacy framework for the region. 

Testimonials

  • ‘’There was no doubt that once we communicate with Hawkamah for a workshop, we were sure that we will achieve our goals and get an added value. And thats what happened; we got a lot of positive feedback from participants which confirms the success of the company secretary 2 days workshop which took place in Manama – Bahrain as well as the fruitful feedback on the knowledgeable and insightful trainers and experts. We would be more than happy to have such cooperations in the future since we consider Hawkamah our patterner in success’’

    Faisal Al-Modlij - GM, Corporate Affairs and Governance - Sipchem KSA

  • "We extend our thanks and appreciation to Hawkamah institute for its cooperation and the effectiveness of the Director Development Program"

    Saeed Al Kaabi - Abu Dhabi Monitoring and Controlling Centre(ADMCC)

  • "The Director Development Program was very rich in useful information and added a lot to us, and the trainers’ experience, skills and capabilities had positive impact on delivering the information to us in a direct and clear manner"

    Hamad Al - Tamimi - Osool Asset Management

  • The corporate Governance in all type of entities adds morality and ensures implementation of the best practices to fulfill the responsibilities of those entities and to ensure the rights of all parties involved, especially those who have no authority to participate in the decision-making cycle.

    Hawkamah institute contributed to enrich the knowledge of these responsibilities and the role of governance for the success of institutional work in accordance with principles that establish values and ethics.

    Ajman Municipality

  • '‘Excellent, well delivered, informative program presented by well-seasoned trainers. The training program has helped transform and empower the Board’s vision and focus our minds on the relevant issues at hand. We sincerely thank you for the training sessions which helped broaden our perspective and decision making processes. We strongly recommend this training to elevate directors to the next level".

    Bank of Maldives

  • "I would like to thank Hawkamah for the ESG Reporting training , I found the two days ESG Reporting training very informative and helpful and I have definitely received some tools that I will use in my work"

    Rania Zaatari - Head of Makassed Communal Healthcare Bureau

  • "The DDP provides a solid foundation of corporate governance for existing and aspiring directors."

    David Haglund - Senior Executive Director and Portfolio Manager of the Templeton Frontier and MENA Market strategies

  • “Thank you so much for sharing such insightful webinar. It was great and valuable to all participate”

    Shady Rashed - Senior Economic Researcher at The Ministry of International Cooperation of Egypt

  • “Good session and very well organized on the webinar about How to buffer and lessen the impact of the novel Covid – 19, to maintain business sustainability with Hawkamah - AUB / Makhzoumi” 

    Bilal Hamade - Executive Advisor

  • "One of the best webinars I attended. Well done OSB Makhzoumi and Hawkamah”

    Fida Kanaan – Director – Executive education  OSB AUB

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